Adecoagro S.A. (AGRO), a South American agriculture company, said on Monday that it has inked a deal to acquire Nutrien Ltd.'s 50% interest in Profertil S.A., a producer of granular urea.
Adecoagro will execute this acquisition through an 80%-20% partnership with Asociación de Cooperativas Argentinas. The transaction is expected to be closed before the end of 2025.
The remaining 50% stake of Profertil is owned by YPF S.A., an oil and gas producer in Argentina. The remaining 50% equity owner will have a 90-day right of first refusal to purchase Nutrien's equity on the same terms. The purchase price for Nutrien's shares in Profertil is expected to be around $600 million.
Mariano Bosch, CEO of Adecoagro, said: "Profertil is one of the best companies in Argentina, strategically located with access to competitive gas supply, in a region that is a net importer of urea. We believe this acquisition is an excellent fit for our agro-industrial platform, enabling us to continue diversifying our operations and reduce volatility in our results."
Profertil has an annual capacity of around 1.3 million tons of urea and 790 thousand tons of ammonia. The company had generated an average annual EBITDA of around $390 million over the 2020-24 period.
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